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Small Business Relief

Helping small businesses weather uncertain times.

Supporting small business now more than ever is vitally important to their longevity and ability to weather the current economic times. Falcon National Bank has a long history of rallying around small business. Now more than ever, we stand behind that commitment.

Federal Disaster Loan Assistance Programs

In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak. As a preferred SBA lender, Falcon National Bank can help you gain access to disaster funds and loan programs through the Small Business Administration (SBA).

> Economic Impact Disaster Loan (EIDL)

At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received. Apply directly with the SBA (not your financial institution). Highlights below, full details on SBA website.

  • Low-interest loans up to $2 million
  • $10,000 loan advance that is forgivable
  • May be used to pay fixed debts, payroll, accounts payable and other bills
  • 11-month immediate deferment from time of closing
  • Low interest
  • Long-term amortization (up to 30 years)

> Paycheck Protection Program (PPP)

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. Highlights below, full details on SBA website.

  • Loan forgiveness if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities
  • All small businesses with 500 or fewer employees are eligible
  • Application period begins April 3, 2020
  • Funding cap in place, business are urged to apply quickly
  • Apply through your SBA Lender

> Economic Bridge Loan (EBL)

An SBA Express Bridge Loan provides quick access to funds. This gap financing strategy can help relieve cashflow challenges and supply working capital while you await approval from other disaster relief programs. Highlights below, full details on SBA website.

  • Loans up to $25,000
  • 7-year amortization, long-term fixed rates
  • First payment deferred 120 days after closing
  • Receive funds within 10 business days of approval
  • No collateral needed, minimum credit score of 650 required
  • Apply through your SBA Lender

We stand ready to help. Contact us today.

  • Access to Federal Disaster Relief Funds and SBA Loan Programs

  • Refinance and gain access to working capital

  •  Restructure existing debt to reduce current monthly payments

  •  Create peace of mind by having a solid plan to overcome the impact of these challenging economic times

 

Brandi NelsonTroy CameronAlex CameronKyle Knudson
320.241.4505320.492.4731320.230.9261320.402.4516
[email protected][email protected][email protected][email protected]

 

Chase LarsonJessica BitzTyler Messerole 
320.428.2820320.248.6179612.270.2110 
[email protected][email protected][email protected]